topic Re: Visa Signature Question in Credit Cards

Visa Signature Question

Anonymous — Thu, 15 Nov 2012 04:20:30 GMT

Hi Everyone!

I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.

Thanks!

Re: Visa Signature Question

Anonymous — Thu, 15 Nov 2012 04:33:08 GMT

@Anonymous wrote:
Hi Everyone!

I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.

Thanks
******************************************************
I am no expert but visa sig don't report credit limit to bureau's

Re: Visa Signature Question

webhopper — Thu, 15 Nov 2012 04:40:59 GMT

Hi there! First of all; Congrats on your new card! There are a lot of different answers for this question. Back in the early days of the visa sig; the credit access line did not report. For most lenders; they have now started reporting the access line. My NFCU visa signature reports its full line. These usually report as a flexible spending account... on manual review; these types of accounts are viewed positively by lenders... Congrats again!

Re: Visa Signature Question

Anonymous — Thu, 15 Nov 2012 04:42:39 GMT

As a boa visa signature, credit limit probably won't be reported. They're pretty much the only ones still not reporting yet(their world mastercards do though)

Re: Visa Signature Question

thrillege — Thu, 15 Nov 2012 04:51:10 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi Everyone!

I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.

Thanks
******************************************************
I am no expert but visa sig don't report credit limit to bureau's

This is not true. They do report your credit limit.

Re: Visa Signature Question

Epcot — Thu, 15 Nov 2012 05:01:15 GMT

Congrats on your approval! I also got my first Visa Signature card recently. Exciting!

Re: Visa Signature Question

Anonymous — Thu, 15 Nov 2012 05:01:28 GMT

@thrillege wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi Everyone!

I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.

Thanks
******************************************************
I am no expert but visa sig don't report credit limit to bureau's
This is not true. They do report your credit limit.

Are you 100% sure?

Re: Visa Signature Question

webhopper — Thu, 15 Nov 2012 05:03:12 GMT

The issue of whether it reports or not depends on the lender that issued the card.
Chase and NFCU definately report the limit. I don't think that BOA does yet.

Re: Visa Signature Question

Anonymous — Thu, 15 Nov 2012 05:04:35 GMT

@webhopper wrote:
The issue of whether it reports or not depends on the lender that issued the card.
Chase and NFCU definately report the limit. I don't think that BOA does yet.

That's my understanding too. BOA does not report CL...

Re: Visa Signature Question

HiLine — Thu, 15 Nov 2012 05:25:24 GMT

I have spent countless hours researching this topic. Here's what I found:

Bank of America does not report the credit limit, but it does the high balance. Also, Bank of America reports the card as a revolving account, so for FICO scoring purposes, the high balance will be treated as the credit limit for the account.

The consequence of that? You'd have to put heavy charges on the card in a month so that the balance reported is as high as it can be, if you're interested in raising your credit score. If your loan application is under manual review, you can simply explain that your card is a Visa Signature, which implies that the credit limit is at least 5,000. This will work in your favor.

Re: Visa Signature Question

toppers555 — Thu, 15 Nov 2012 07:56:52 GMT

My Bofa cash reward signature card shows as flexible and reports a revolver balance

Re: Visa Signature Question

Anonymous — Thu, 15 Nov 2012 19:23:34 GMT

Thank you all for your help! It actually hit my EX report already and this is how it shows up.

Account Name

BANK OF AMERICA

Account #

XXXX

Account Type

Flexible Spending Credit Card

Balance

$0.00

Date Opened

11/1/2012


		Account Status	Open
		Mo. Payment
		Past Due
		Payment Status	Current
		High Balance
		Limit
		Terms	Revolving
		Comments